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The pace continues to quicken on Capitol Hill this week with a number of hearings relevant to entrepreneurial development and startups in general. USAID is in the discussion on the future of Egypt and Syria and how it can support broader development (and entrepreneurs) there. Other topics covered by hearings include: a review of the JOBS Act at a year and a half, improving the US patent system, broadband adoption in the US, cyber-security, basic energy research and PPACA implementation challenges.
Each day, Innovation Daily checks the pulse of global innovation--courtesy of Innovation America. Here, we take a look at a handful of relevant stories it compiled last week.
Look around and you will find a number of articles on the effects of the political stalemate / government shutdown on entrepreneurs. For “small businesses”, the effects are quite clear, mostly relating to government contracts (more than half the federal spending would go through federal contracts before the shutdown) and Small Business Administration (SBA) loans. In addition, with 62% of the SBA’s staff furloughed, all counseling is on hold until the government is back up and running. The suspension of these contracts, loans and services represents an immediate “brake” on the economy.
You can file this under "the impact of networks"--or perhaps more simply, "it takes one to know one." A new paper from the Kauffman Foundation shows that there is a link between knowing an entrepreneur and being one yourself. And while "Getting the Bug: Is (Growth) Entrepreneurship Contagious?" doesn't necessarily suggest causality, it doesn't take a leap of faith to think that connecting the uninitiated to more entrepreneurs would increase the likelihood that they would become entrepreneurs themselves.
A pair of reports coming out in the last week point paint a picture of a fairly stable angel investing market in the U.S. The Q2 2013 Halo Reportfrom the Angel Resource Institute and the Q1 Q2 2013 Angel Market Report from the Center for Venture Research suggest that year-on-year numbers were either fairly flat or trending upward slightly.
With the federal government back in business, a couple of House committee hearings are on our radar screen for the week ahead. Financial Services examines challenges to capital formation while Energy & Commerce review the evolution of wired communications networks. Currently there aren't any hearings scheduled on the Senate side--but the Senate Committee on Small Business and Entrepreneurship has an archived webcast of a hearing last week featuring small business owners on the impact of the government shutdown.
One week after the government shutdown began, the finger-pointing continues while a new deadline looms even larger—10 more days until a potential U.S. government default. While many are still calling it "extremely unlikely" there seems to be consensus in that it would be "a catastrophe." Meanwhile, many of the Congressional hearings were cancelled or postponed last week and the handful scheduled for this week look to be more focused on the blame game than anything else. Like last week, the following hearings may be postponed—so be sure to check the committee websites for last-minute updates.
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